Bloomberg: Ener1 Wins Approval of $13.5 Million DIP Financing

U.S. Bankruptcy Judge Martin Glenn in the U.S. Bankruptcy Court for the Southern District of New York has granted interim approval for Ener1 to tap $13.5 million in debtor-in-possession financing.

The company sought permission to receive $20 million in DIP financing from Bzinfin, a company shareholder, a Bloomberg article said. Bzinfin owns about 49% of the company and is providing it with $81 million in financing, which includes the DIP loan and exit financing.

Ener1 is a manufacturer of batteries for electric hybrid vehicles. The company previously received $118 million in a grant from the U.S. Energy Department.